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Tiger Global Invests $25M Into Swap, Aiming To Be LatAm’s Fintech Factory – Wealth Tech Digest #74

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✅ Tiger Global Leads $25M Investment Into Swap, Which Aims To Be LatAm’s Fintech Factory

For today’s digest, Swap, a São Paulo-based BaaS startup, announced today it has raised $25 million in a Series A led by Tiger Global Management. The financing was “heavily oversubscribed,” according to the company, which has now raised $28 million since its October 2018 inception. Endeavor, Tinder co-founder Justin Mateen, partners of DST Global, ONEVC, Global Founders Capital and Flourish Ventures all participated in the latest round. Previous backers include Canary and other angels such as Ariel Lambrecht, co-founder of 99 — the first Brazilian unicorn and Guilherme Bonifácio. Swap aims to empower companies to transform their financial operations via its APIs. This offers users “the infrastructure for various financial solutions, allowing them to monetize their platforms.”Over the past year, Swap has seen its customer base expand by 300%. During that same timeframe, it has been consistently growing 30% per month and 7,500% year over year with profitable results in the third quarter. Swap operates in its home country of Brazil and is looking to use its capital to expand the use cases it serves there. Looking ahead, it notes that its customers are expanding to other Latin American countries so it will be a natural evolution to grow into new markets outside of Brazil.

 

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